You have been elected to the governing board of your church. At the first meeting you attend, mention is made of building a new church. What accounting information would the board need in deciding whether or not to go ahead? A company purchased equipment for $ 2,000 cash. The vendor stated that the equipment was worth $ 2,400. At what amount should the equipment be recorded? What effect does the going-concern (continuity) concept have on the amounts at which long-term assets are carried on the balance sheet? Of what importance is the periodicity (time periods) concept to the preparation of financial statements